Daily Market Reports | Mar 12 2025
This story features RIO TINTO LIMITED, and other companies. For more info SHARE ANALYSIS: RIO
The Ukraine and the US administration agreed on a 30-day truce agreement (concept) which spurred on a temporary relief rally on US equity markets last night, but it was not to last.
Meanwhile, tit for tat tensions with Canada continue.
SPI futures are indicating another ‘heavy’ day ahead for the Australian share market (at least for the index).
| World Overnight | |||
| SPI Overnight | 7809.00 | – 75.00 | – 0.95% |
| S&P ASX 200 | 7890.10 | – 72.20 | – 0.91% |
| S&P500 | 5572.07 | – 42.49 | – 0.76% |
| Nasdaq Comp | 17436.10 | – 32.23 | – 0.18% |
| DJIA | 41433.48 | – 478.23 | – 1.14% |
| S&P500 VIX | 26.92 | – 0.94 | – 3.37% |
| US 10-year yield | 4.29 | + 0.08 | 1.78% |
| USD Index | 103.36 | – 0.53 | – 0.51% |
| FTSE100 | 8495.99 | – 104.23 | – 1.21% |
| DAX30 | 22328.77 | – 292.18 | – 1.29% |
Good morning.
Another down day for US equities.
In Europe, the Euro Stoxx 50 and the FTSE100 closed down -1.4% and -1.2% respectively.
The yield on the US 10y bond moved up 10.3bp to 4.28%. Oil edged higher, with WTI futures up 1% to US$66.6/bbl. Gold gained 0.8% to US$2,921.3/oz as a weaker US dollar featured throughout the overnight session.
In economic indicators, the NFIB small business optimism index fell -2.1pts in February to 100.7.
This leaves the index still above pre-Trump victory levels (93.7) but off its December high of 105.1.
The biggest fall was in the economic optimism sub-component which fell -10ppt to 37%. Firms thinking it is a good time to expand fell -5ppt to 12%. The uncertainty sub-index rose 4pt to 104.
US job openings (JOLTS report) rose to 7.74m in January from a downwardly revised 7.51m in December.
The job openings rate edged up 0.1ppt to 4.6%, the hiring rate was unchanged at 3.4% while the separation rate rose 0.1ppt to 3.3%. The job openings to unemployed ratio rose slightly to 1.13 from 1.09.
Money is fleeing into commodities and energy instead.
Copper led the base metals higher copper cathode inventories in Shanghai and Guangdong extended declines from a peak due to fewer imports in recent months.
Iron ore futures in Singapore gained amid the broader rally across the commodity complex.
Gold gained as traders sought safety amid rising concerns of a global trade war. This was aided by increasing talk of a recession in the US.
Crude oil futures edged higher as traders viewed the recent correction as overdone.
Corporate news in Australia:
-No exception for Australia as the Trump administration imposes 25% tariffs on Australian steel and aluminium
-Rio Tinto ((RIO)) to sell US$9bn in bonds to refinance Arcadium Lithium acquisition
-Star Entertainment ((SGR)) sells its Queen’s Wharf stake for $53m, losing -$4.2b in fees
-The Star agrees on exclusivity deed with Salter Brothers for a potential $940m refinancing to address its debt
-PolyNovo ((PNV)) CEO Swami Raote exits immediately
-Major shareholder in Nickel Industries ((NIC)) has dumped half its holding
On the calendar today:
-JP Feb PPI
-US Feb CPI
-BREVILLE GROUP LIMITED ((BRG)) ex-div 18c (100%)
-BRAMBLES LIMITED ((BXB)) ex-div 30.27c (30%)
-DETERRA ROYALTIES LIMITED ((DRR)) investor briefing
-KIP MCGRATH EDUCATION CENTRES LIMITED ((KME)) ex-div 0.50c (100%)
-MACQUARIE GROUP LIMITED ((MQG)) investor briefing (EMEA region investor tour)
-MOTORCYCLE HOLDINGS LIMITED ((MTO)) ex-div 8c (100%)
-ORICA LIMITED ((ORI)) investor briefing
-TELIX PHARMACEUTICALS LIMITED ((TLX)) investor briefing
-WA1 RESOURCES LIMITED ((WA1)) earnings report
FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 2922.75 | + 29.45 | 1.02% |
| Silver (oz) | 33.38 | + 0.91 | 2.80% |
| Copper (lb) | 4.80 | + 0.15 | 3.24% |
| Aluminium (lb) | 1.22 | + 0.01 | 0.56% |
| Nickel (lb) | 7.39 | + 0.17 | 2.32% |
| Zinc (lb) | 1.31 | + 0.03 | 2.42% |
| West Texas Crude | 66.57 | + 0.68 | 1.03% |
| Brent Crude | 69.93 | + 0.74 | 1.07% |
| Iron Ore (t) | 101.05 | + 0.06 | 0.06% |
The Australian share market over the past thirty days
| Index | 11 Mar 2025 | Week To Date | Month To Date (Mar) | Quarter To Date (Jan-Mar) | Year To Date (2025) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 7890.10 | -0.73% | -3.45% | -3.30% | -3.30% |
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| ANZ | ANZ Bank | Upgrade to Hold from Reduce | Morgans |
| CAR | CAR Group | Upgrade to Buy from Hold | Ord Minnett |
| TYR | Tyro Payments | Downgrade to Neutral from Outperform | Macquarie |
| WBC | Westpac | Upgrade to Hold from Reduce | Morgans |
For more detail go to FNArena’s Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author’s and not by association FNArena’s – see disclaimer on the website)
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CHARTS
For more info SHARE ANALYSIS: BRG - BREVILLE GROUP LIMITED
For more info SHARE ANALYSIS: BXB - BRAMBLES LIMITED
For more info SHARE ANALYSIS: DRR - DETERRA ROYALTIES LIMITED
For more info SHARE ANALYSIS: KME - KIP MCGRATH EDUCATION CENTRES LIMITED
For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED
For more info SHARE ANALYSIS: MTO - MOTORCYCLE HOLDINGS LIMITED
For more info SHARE ANALYSIS: NIC - NICKEL INDUSTRIES LIMITED
For more info SHARE ANALYSIS: ORI - ORICA LIMITED
For more info SHARE ANALYSIS: PNV - POLYNOVO LIMITED
For more info SHARE ANALYSIS: RIO - RIO TINTO LIMITED
For more info SHARE ANALYSIS: SGR - STAR ENTERTAINMENT GROUP LIMITED
For more info SHARE ANALYSIS: TLX - TELIX PHARMACEUTICALS LIMITED
For more info SHARE ANALYSIS: WA1 - WA1 RESOURCES LIMITED